Currency rates not affected by non interest rate cuts

Published on in Foreign Exchange News by

The Euro remains under pressure ahead of the E.U. summit which commences tomorrow.

German Chancellor Merkel yesterday criticized the Euro overhaul proposals for placing too much emphasis on shared liability and not enough of the control of group members wayward budgets. She was reported to have said she expects no shared liability for debt (or Euro Bonds) in her lifetime. Market participants expect proposals for closer fiscal unity from the summit, but this will likely take place over a long period of time therefore an instant solution is unlikely.

Sterling traded higher yesterday and has held onto its gains after comments from BoE officials suggesting interest rates were unlikely to be cut further. This comes despite warnings from Governor King that the economic slowdown ‘could continue for up to 5 years’ as well as the government’s scrapping of the fuel duty due in August.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24600 1.25060
GBP/USD 1.56200 1.56110
GBP/CAD 1.60250 1.60150
GBP/NZD 1.97100 1.97900
GBP/AUD 1.55300 1.55340
GBP/AED 5.73600 5.73210
EUR/USD 1.25190 1.24850
GBP/CHF 1.49740 1.50200
GBP/ZAR 13.1891 13.2297
GBP/SEK 11.0000 11.0310
GBP/JPY 124.100 123.774
GBP/PLN 5.30500 5.31270
USD/PLN 3.39400 3.40520
EUR/PLN 4.25250 4.24800
EUR/CHF 1.20100 1.20100
GBP/MAD 13.7593 13.7891
PLN/EUR 0.23510 0.23540
GBP/CZK 32.2000 32.4700
GBP/DKK 9.26790 9.29640
GBP/HKD 12.1200 12.1061
GBP/HUF 357.250 358.179
GBP/NOK 9.35850 9.37910
GBP/INR 88.9600 88.9520
GBP/THB 49.6400 49.6598

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